In the near future on the currency pair, the bearish sentiment will prevail on USD/JPY. On the daily chart near the key resistance level of 113.500, a classic pattern of the Price Action, Bearish Engulfing, was formed, which acts as a reversal formation. At the moment, the price is testing the local support of 112.500. We recommend you to pay attention to this situation.
If the price fixes below 112.500, it is necessary to consider selling USD/JPY. The closest target for profit taking is the level of 111.750. In the medium term, the USD/JPY currency pair may reach the level of 111.000-110.500. When tracking the position, we recommend using a trailing stop. Confirmations and entry points to the market should be looked on lower timeframes.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account